Last update: 22.07.2024 21:03 (GMT+3)
The company performance in 2002 was effected by a continuous
depression in the market. The losses were incurred mainly due to the
unpredictable increase of fuel prices (in average 60% higher than
budgeted) because of the expected war in Iraq, and the need to do
emergency repairs to two vessels. More than 1 million USD was spent on
this.
We incurred one more million USD loss due to depreciation of US dollar,
and because of a partial write-off of our investments in JSC "Jūras
Medicīnas Centrs".
Year 2003 started with a price fall on fuel and an increase of charter
fees. As a result, in the first quarter of the year the company earned
a profit over USD 1.7 million.
May 22, 2003
17.05.